Snap shares lose ground after reporting revenue slightly ahead of estimates

Snap-On

05/02/2025 21:10

** Shares of Snap  SNAP.N  drop ~8% to $10.63 on Wed as the
social media firm's quarterly revenue was roughly in line with
analyst estimate despite earnings beating estimates
    ** SNAP scored its biggest daily pct drop since August last
year
    ** SNAP reported on Tues rev rose 14.4% to $1.56 billion
from a year ago; analysts expected $1.55 billion. Adj EPS was 16
cents vs 14 analyst estimate
    ** Among the 43 analysts that cover SNAP, avg rating is
"hold" and median PT is $13, unchanged from Nov. The breakdown
of recommendations are 9 "strong buy" or "buy," 31 "hold" and 3
"sell" or "strong sell", per LSEG data
    ** JPMorgan analysts cut their PT on SNAP to $10 from $11;
Wells Fargo analyst also slashed their PT to $11 from $15
    ** Other analysts, however, including from Citigroup and
Truist and Bank of American had raised their PT on SNAP
    ** With today's move, SNAP is down ~1%

 (Reporting by Chibuike Oguh in New York)
 ((Chibuike.Oguh@thomsonreuters.com; +332-219-1834; Reuters
Messaging: chibuike.oguh.thomsonreuters.com@reuters.net))